The global Refractories market size is expected to be worth USD 35.88 billion in 2024 and USD 44.46 billion by 2029, growing at a CAGR of approximately 4.38% during the forecast period.
A refractory material is one that performs well at high temperatures and is resistant to decomposition due to pressure, heat, or chemical attack. This type of material can keep its strength and shape. To ensure cost-effective, safe, and low-maintenance operations, refractories are used as the predominant material for internal linings in big industrial equipment. Natural and manufactured materials, primarily non-metallic, and mixtures of chemicals and minerals, such as bauxite, chromite, dolomite, and silicon carbide, are used to make these materials. Refractory materials come in a variety of densities and porosities. In comparison to high-porosity materials, low-porosity refractories have a higher thermal conductivity. High porosity materials, on the other hand, are unable to withstand greater temperatures and direct flame impingement, and they tend to shrink under these conditions. Iron and steel, cement, and non-ferrous metals are among the many industries that use the commodities.
Refractories are in higher demand as a result of their exceptional qualities and the growing infrastructure development in developing countries. Significant market expansion was aided by the growth of industrialization in developing countries such as India and China. One of the primary characteristics driving the global refractories market's growth is the increased investment in the construction of commercial and residential structures.
According to Oxford Economics and the Global Construction Perspective, the global construction market would increase by 85 percent to USD 15.55 trillion by 2030, with China, India, and the United States accounting for 57 percent of global growth.
This has also aided China's car industry's expansion. In addition, the increased pace of infrastructure development in these emerging countries has resulted in a surge in residential and commercial building construction, which is likely to enhance refractory demand in the iron steel, and cement firms. Moreover, rising construction activity in emerging economies is likely to boost the global refractories market growth during the forecast period.
The global iron and steel industry, coupled with the metal casting and metallurgy industries are the primary end-user industries of refractories. In the manufacture of cement, refractories are often employed. Refractories are also employed in petroleum refineries and are necessary in the production of petrochemical goods. Refineries are used to provide a thermal barrier between a hot medium and a contained vessel's wall, to endure thermal and physical stresses, to guard against corrosion, and to offer thermal insulation. Furnaces, kilns, reactors, boilers, and other similar applications use refractories. Therefore, owing to these factors, the global refractories market is anticipated to hold major growth from 2024 to 2029.
Environmental concerns have led to restrictions on the usage of refractories. Throughout the refractory manufacturing process, toxic gases including sulfur dioxide (SO2), nitrogen oxides (NOx), carbon monoxide (CO), carbon dioxide (CO2), fluorides, and volatile organic compounds are emitted (VOCs). Processes such as crushing, grinding, calcining, and drying release PM, whereas burning and tar & pitch procedures emit gases and VOCs, respectively.
The iron and steel sector, which attributes roughly 60% of the global refractories market, is strongly reliant on the refractories business. End-user industries primarily include petrochemical, chemical, power generation, cement, glass, non-ferrous metal, and paper & pulp accounting for the remaining 40%. As a result, if the iron and steel business fails, the refractories market will suffer as well. The iron and steel industry's demand for refractories has been erratic in recent years, which has had a considerable impact on the market. Despite increased demand for refractories from other industries and a rebound in the global economy, the refractories market's reliance on the iron and steel industry is projected to stay stable, offering a significant restraint to the global refractories market's growth.
Due to the entrance of COVID-19 across the globe, a number of countries were placed on lockdowns, which had a tremendous impact on the world economy. Therefore, the refractories market experienced a loss on the basis of production and demand from end-user sectors including cement, iron and steel, energy and chemicals, ceramics, and others, as economic and industrial activity was temporarily halted. As a result, refractory demand is predicted to decrease.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
4.38% |
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Segments Covered |
By Form Type, Composition, Manufacturing Process, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Market Leaders Profiled |
Chosun Refractories, Harbisonwalker International, IFGL Refractories Ltd, Imerys, Krosaki Harima Corporation, Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials, Refratechnik, Resco Products Inc. |
During the projection period, bricks and forms are expected to account for the majority of the global refractories market. These refractories, also known as performed refractories, are used to create floor tiles, arches, and walls for a variety of high-temperature process equipment. Moreover, the size and structure of furnaces or other services where refractory products can be utilized determine the shape and production of refractories. Other lining works, aside from the iron blast furnace, are made up of conventional refractories already on the market, as only the iron blast furnace requires refractory bricks of various shapes and sizes.
Mullite ceramics, fire clays, and other clay-based refractories are commonly produced as monolithic, prefabricated bricks, and are also useful in the development of lightweight refractories in the form of blankets, fiberboards, and vacuum-cast shapes.
To limit the oxygen content required for oxidizing molten refractories, the raw materials required for refractories in each manufacturing step are oxidized before melting by treating them with heat.
This was owing to the rising demand for infrastructure development as well as the rising demand for consumer products like vehicles. The need to improve quality of life, health, and the environment, as well as transition to clean, alternative sources of production, is driving the growing preference for high-cost, high-performance refractories.
Due to the rapidly rising consumption of refractories in iron and steel, cement, glass, non-ferrous metals, and other sectors, nations in this area, such as China and India, are the fastest-growing markets for refractories. Moreover, the countries like Malaysia, Thailand, Indonesia, and Vietnam, the refractory market is experiencing the fastest growth. This growth is mostly due to rising demand for cement, iron and steel, cement, and glass in Asia-construction, Pacific's automotive, and other manufacturing sectors.
A slight recovery in steel demand is continuing in the European Union, as economic optimism and investment conditions improve. The increasing demand for steel in the region is expected to expand at a moderate rate over the projection period.
Chosun Refractories, Harbisonwalker International, IFGL Refractories Ltd, Imerys, Krosaki Harima Corporation, Magnezit Group, Minerals Technologies Inc., Morgan Advanced Materials, Refratechnik, Resco Products Inc. are some of the notable companies in the global Refractories market.
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